Common use of Restoration of Mortgaged Property Clause in Contracts

Restoration of Mortgaged Property. The Seller need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Customary Servicing Procedures. For claims greater than $15,000, at a minimum, the Seller shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (a) the Seller shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (b) the Seller shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ and materialmen’s liens; (c) the Seller shall verify that the Mortgage Loan is not in default; and (d) pending repairs or restoration, the Seller shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Seller is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Restoration of Mortgaged Property. The Seller With respect to the Non-Agency Mortgage Loans, the Servicer need not obtain the approval of the Purchaser Owner prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Customary Accepted Servicing ProceduresPractices and the terms of this Agreement. For claims greater than $15,000, at At a minimum, the Seller shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, Servicer shall comply with the following conditions in connection with any such release of such Insurance Proceeds or Condemnation Proceeds: (ai) the Seller Servicer shall receive satisfactory independent verification of completion in all material respects of repairs and issuance of any required approvals with respect thereto; (bii) the Seller Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ and materialmen’s liens; (ciii) the Seller Servicer shall verify that the Mortgage Loan is not in default; and (div) pending repairs or restoration, the Seller Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Seller Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Restoration of Mortgaged Property. The Seller need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Customary Servicing Procedures. For claims greater than $15,000, at a minimum, the Seller shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (a) the Seller shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (b) the Seller shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ and materialmen’s liens; (c) the Seller shall verify that the Mortgage Loan is not in default; and (d) pending repairs or restoration, the Seller shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Seller is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Restoration of Mortgaged Property. The Seller Interim Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Customary Accepted Servicing ProceduresPractices. For claims greater than $15,000, at At a minimum, the Seller shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, Interim Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ai) the Seller Interim Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (bii) the Seller Interim Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ ' and materialmen’s 's liens; (ciii) the Seller Interim Servicer shall verify that the Mortgage Loan is not in default; and (div) pending repairs or restoration, the Seller Interim Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Seller Interim Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Restoration of Mortgaged Property. The Seller need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Customary Acceptable Servicing ProceduresPractices. For claims greater than $15,000, at a minimum10,000, the Seller shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ai) the Seller shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (bii) the Seller shall take all reasonable steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ ' and materialmen’s 's liens; (ciii) the Seller shall verify that the Mortgage Loan is not in default; provided, however, that the Seller may still release such proceeds if required by applicable law; and (div) pending repairs or restoration, the Seller shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. . (v) If the Purchaser is named as an additional loss payee, the Seller is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Restoration of Mortgaged Property. The Seller need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Customary Accepted Servicing ProceduresPractices. For claims greater than $15,000, at At a minimum, the Seller shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ai) the Seller shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (bii) the Seller shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring any such waivers with respect to mechanics’ and materialmen’s liensliens as the Seller deems necessary; (ciii) the Seller shall verify that the Mortgage Loan is not in default; and (div) pending repairs or restoration, the Seller shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Seller is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Restoration of Mortgaged Property. The Seller need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Customary Acceptable Servicing ProceduresPractices. For claims greater than $15,000, at a minimum10,000, the Seller shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ai) the Seller shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (bii) the Seller shall take all reasonable steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ and materialmen’s liens; (ciii) the Seller shall verify that the Mortgage Loan is not in default; provided, however, that the Seller may still release such proceeds if required by applicable law; and (div) pending repairs or restoration, the Seller shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. . (v) If the Purchaser is named as an additional loss payee, the Seller is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Restoration of Mortgaged Property. The Seller Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property Property, if such release is in accordance with Customary Accepted Servicing ProceduresPractices. For claims greater than the lesser of $15,00015,000 or, with respect to the Non-Conventional Mortgage Loans, any amount prescribed by applicable FHA, VA or RHS guidelines, at a minimum, minimum the Seller shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ai) the Seller The Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (bii) the Seller Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ and materialmen’s liens; (ciii) the Seller Company shall verify that the Mortgage Loan is not in default; and (div) pending repairs or restoration, the Seller Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Seller Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Restoration of Mortgaged Property. The Seller need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Customary Servicing Procedures. For claims greater than $15,000XX,000, at a minimum, the Seller shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (a) the Seller shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (b) the Seller shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ and materialmen’s liens; (c) the Seller shall verify that the Mortgage Loan is not in default; and (d) pending repairs or restoration, the Seller shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Seller is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Restoration of Mortgaged Property. The Seller Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Customary Servicing Procedures. For claims greater than $15,000, at a minimum, the Seller Servicer shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (a) the Seller Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (b) the Seller Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ and materialmen’s liens; (c) the Seller Servicer shall verify that the Mortgage Loan is not in default; and (d) pending repairs or restoration, the Seller Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the a restricted Escrow Account. If the Purchaser is named as an additional loss payee, the Seller Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Restoration of Mortgaged Property. The Seller Solely with respect to any Mortgage Loan which is less than 30 days delinquent, the Subservicer need not obtain the approval of the Purchaser Servicer prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Customary Accepted Servicing ProceduresPractices. For claims greater than $15,000, at a minimum, the Seller shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, Subservicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ai) the Seller Subservicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (bii) the Seller Subservicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ and materialmen’s liens; (c) the Seller shall verify that the Mortgage Loan is not in default; and (diii) pending repairs or restoration, the Seller Subservicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Servicer is named as an additional loss payee, the Seller Subservicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaserapplicable Mortgage Loan Holder.